Musicians from the City of Birmingham Symphony Orchestra have taken a pay cut to help meet a £300,000 shortfall in funding.

Members of the Musicians’ Union voted to accept a 3.2 per cent cut as part of a package of money-saving measures which include a reduction in holidays and increased work commitments.

Several vacant orchestra posts will also be frozen, with the moves saving a combined sum of almost £140,000.

The rest of the shortfall will be met by savings in administration as well as various new income and fundraising initiatives.

The savings were deemed necessary following a reduction in Arts Council England and Birmingham City Council funding, together with increases in the orchestra’s tax and pension contributions.

The chairman of the CBSO players’ committee Tony Howe said: “We have reluctantly accepted a pay cut and halving of personal holiday for this financial year.

“But in real terms there has been a reduction in salaries of around 11 per cent over two years as there have been no pay rises during that period. And there has also been worsening of conditions, amounting to around a further five per cent reduction.

“CBSO salaries have barely kept up with inflation – in the 10 years prior to the 2010 pay freeze, pay rose in total by only about one per cent ahead of inflation.

“We fervently hope, with no further Arts Council funding cuts from next year, that these savings, along with other measures, are sufficient to stabilise the CBSO finances and that we will be able to move forward again sooner rather than later.”

CBSO chief executive Stephen Maddock refused to speculate on what the alternatives to a pay cut would have been and said he was grateful to the musicians and union for taking a realistic approach to the funding crisis.